Spot
gold lost about $10.00 today and marked a fresh new 2018 low at $1254.50. Currently
XAU/USD is trading at $1258.00 having corrected slightly.
Technically speaking the short-term outlook remains neutral to bearish. On the
four hour time frame the price is developing below its bearish moving averages.
RSI and stochastic had turned to south and both are nearing oversold areas.
Immediate support is seen at $1250.00 which is broken to below next target for
bears will be served by $1243.00, followed by $1236.00 while the upside yet remains
capped by Monday’s low at $1264. 00.
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